By Anthony Capkun
July 9, 2013 – Conergy Americas, the North American subsidiary of Conergy AG, says it will continue to operate business at full capacity following its parent company’s decision to file an application for open insolvency in Germany on July 5.
“Our primary focus is to ensure that all of our projects are implemented, warranties are honoured and customer relationships are maintained,” said Jared Donald, president of Conergy Canada.
Conergy USA and Conergy Canada are wholly owned subsidiaries that comprise Conergy Americas. Both organizations’ operations are financially independent from Conergy AG and other subsidiaries around the world.
According to the North American subsidiary, Conergy AG’s decision to file for open insolvency comes after lengthy negotiations on the entrance of a strategic investor to secure a solid capital structure and sufficient cash for planned growth. While strides were made to strategically grow the company, the lenders were unable to agree on the entrance of the new investor before the set deadline presented.